New Predator in Takeovers

Private-Equity Firms
Increasingly Go Hostile
In Overseas Buyouts

For the past few years, private-equity firms have been cast as the friendly guys, a refuge from hostile, activist hedge funds. However, at least overseas, that is becoming less and less the case.

Last year, private-equity firms made 14 takeover bids in Europe that were either hostile or unsolicited, according to Dealogic. Deal lawyers say more such bids are likely this year. Such hostile approaches are nearly nonexistent in the U.S. because many limited partners that invest in buyout funds, especially pension funds, insist...